• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
Bitcoin BTC BTCUSD

Why Bitcoin And Crypto Will Prevail Over The SEC, Ex-Goldman Sachs Breaks It Down

Reynaldo Marquez by Reynaldo Marquez
2 years ago
in Bitcoin
0

Bitcoin and the crypto industry are sitting in the eye of a storm. The first cryptocurrency by market cap has been attracting attention from regulators and politicians as more people jump into the crypto space.

This has led to a subtle push between the U.S. top market regulators, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC). SEC Chair Gary Gensler wants to take on more authority to regulate the crypto market.

Related Reading | SEC Is Too “Short-Staffed” To Regulate Crypto Properly, Chairman Gary Gensler

Former Goldman Sachs executive Raoul Pal commented on a recent speech given by Gensler, also a former employee of this banking giant. Pal believes the SEC Chair is “laying down the hardest case” to try to classify most cryptocurrencies as securities and regulate them.

Currently, only Bitcoin and Ethereum have a clear classification as commodities in the U.S., but even this has been contested under Gensler’s leadership. In that sense, Pal compared the current situation of the crypto industry with the beginnings of the internet.

At that time, the former Goldman Sachs executive said, authorities tried to imposed rules and laws to take more control of the emerging sector. In time they failed, and allowed innovation to generate one of the most important events in financial markets for the U.S. Pal said:

That decision led to trillions of dollars of new capital creation and the largest investment inflows into the US in history. The innovation that was seeded from light touch regulation of the internet changed the world, with the US as leader.

Thus, the former Goldman Sachs executives claimed that future regulation for Bitcoin and cryptocurrencies will be “much lighter than today”. The crypto industry is one of the fastest-growing in the world reaching an all-time high market cap of around $2 trillion.

Related Reading | SEC Threatens To Sue Coinbase Due To Higher Interest On Cryptocurrency Products

Why The SEC Could Change Is Rules To Favor Bitcoin And Crypto

If the SEC Chair and politicians in the U.S. exercise a heavier hand on the crypto market, the companies that rely on Bitcoin and digital assets to operate might op out of the country. This could lead to a capital exit equally or larger than when the internet emerged.

Pal also highlighted that the industry is growing in political power. Across 2021, the space has seen many former public employees taking positions in crypto exchanges and other companies in this industry.

The above will made regulators and political actors could create a new regulatory framework that will reduce its execution cost, be more efficient, and be fair for the people looking to enter the crypto market. Pal said:

(…) that also means the frankly ridiculous rules around Accredited Investors or selling securities HAS to change to meet the modern world, not the 1930’s world. It is simply inexcusable to allow rich people to get richer and penalising the poorer people who aren’t accredited.

In support of his arguments, Pal said that the current political context will make it very hard for regulators to stopped people from investing in Bitcoin and cryptocurrencies. However, everything will be decided in the next 3 to 5 years.

Related Reading | SEC’s Gary Gensler Crumbles When Asked If Ethereum Is A Security

In that period, countries with a lighter and a friendly approach to cryptocurrencies and Bitcoin will be the biggest winners. The SEC Chair could be using a “classic negotiation” tactic by starting his mandate with a tough approach to later “compromised”, Pal added.

At the time of writing, Bitcoin (BTC) trades at $42,700 with sideways movement in the daily chart.

Bitcoin BTC BTCUSD
BTC moving sideways in the daily chart. Source: BTCUSD Tradingview
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Related Posts

Hashdex spot Bitcoin ETF

Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed

9 hours ago
XRP

Can XRP Price Reach $50? Crypto Analyst Predicts Massive Move

16 hours ago
Ukraine

Corruption In Ukraine: Crypto Worth $1.5 Million Confiscated From Former Gov’t Official

18 hours ago
Cardano founder Small

Cardano Founder Drops Hard Truths: ‘Bitcoin Was Heavily Centralized At The Start’

1 day ago
Bitcoin price Small

3 Reasons Why Bitcoin Price Is Trading Above $38,500

2 days ago
Circle

Circle Defies Allegations: No Illicit Financing Links And Justin Sun Ties

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Wish You’d Invested in BTC and ETH Sooner? Experts Say...

    13 hours ago
  • Market Rallies Post-Holiday. Fake-Out or Are Bulls Back in...

    15 hours ago
  • The Best Altcoins to Invest in? Cardano, Polygon, and...

    1 day ago
  • Top 3 Affordable Cryptos Worth Buying Next Week

    2 days ago
  • 3 High Growth Cryptos To Buy Now

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.